《大行报告》瑞信下调九龙仓置业(01997.HK)目标价至27.5元 评级「中性」
瑞信发表研报指,九龙仓置业(01997.HK)受累零售租金收入下降和租金特许权摊销影响,上半年基本盈利按年倒退26%至38亿元,净债务较去年下半年则上升23%,净负债比率亦由去年底的19.3%升至24.8%。
报告指出,上半年九龙仓置业香港投资组合的零售额按年下降超过33%,海港城及时代广场的零售租金收入分别按年跌30%和23%,6月底止出租率分别降至90%和92%。
展望未来,管理层对前景持谨慎态度,该行相应将九龙仓置业2020至2022年盈利预测下调14%至17%,以反映海港城及时代广场租金收入下跌,以及上半年10亿元租金减免的影响,并将资产净值(NAV)预测下调8%。由於不确定性因素增加,瑞信将目标NAV折让幅度扩大15个百分点至60%,目标价相应由41.3元降至27.5元,维持「中性」评级。
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